Online Clothing Rental Market to Surpass US$ 3,299.6 Million by 2026

Published On : Dec 06, 2018

The global online clothing rental market was valued at US$ 1,506.6 Million in 2017, according to Online Clothing Rental Market Report, by Clothing Style (Parties and Wedding Wear, Formal Wear, and Others), by End User (Men, Women, and Kids), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights. The global online clothing rental market is projected to reach US$ 3,299.6 Million by 2026, exhibiting a CAGR of 9.4% during the forecast period.

Increasing consumer preference towards rental designer dresses is a major factor driving growth of the global online clothing rental market. It is a cost-effective solution and provides designer wear at fraction of the original cost of the clothes. Rental clothes are available at very low cost, as compared to the original clothes. The discount offered by online retail clothing is 10-15% of retail cost of the dress.

Online clothing rental is convenient for customers, as it provides branded clothes and the selected dress can be delivered within the required time. This service is time saving, mode of payment is easy, and has monthly plans for regular customers. Designer dresses are used for one time thus, renting clothes is useful, as there is no repetition of dresses in events such as weddings, cocktail parties, office parties, and others. Different choices and varieties are available on online portals for occasions and functions such as wedding, theme parties, and school plays. Traditional as well as modern dresses are available on rent such as bridesmaid dresses, formal gowns, kaftans, and cocktail dresses.

However, the most popular styles can sometimes be out of stock for months on end since the rental period is unlimited. Thus, consumer has to wait or sometimes they do not get dresses of their choice. These are the factors restraining growth of the online clothing rental market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/online-clothing-rental-market-1446

Browse 27 market data tables* and 17 figures* on "Online Clothing Rental Market” - Global forecast to 2026.

Key Trends and Analysis of the Global Online Clothing Rental Market:

  • Among end user, women segment holds a dominant position in the global online clothing rental market due to increasing demand for rental clothing amongst women, as designer clothes are expensive and are purchased mostly for one time use. Moreover, key players launch new products and offer discount for their products for product expansion and development. Online clothing rental companies give discount of 10-15% of the retail price for specific designer dresses. In 2016, Stage3, an online clothing rental company, began offering designer apparels on rent for plus-sized women and variety of clothes for women above size 18. Demand for plus-sized clothes increased and thus, the company started offering clothes of plus-sizes, which is expected to aid in growth of the market.

Key Takeaways of the Market:

  • Asia Pacific accounted for a significant market share in 2017 in the global online clothing rental market over the forecast period. Increasing purchasing power of consumers residing in the region a key factor that is luring several start-up companies to establish a presence in emerging economies such as India and China. A number of start-ups are offering online clothing rental services in Asia Pacific with benefits such as low cost and time saving, in order to enhance customer experience. For instance, Stage3, an India-based start-up established in 2016, offers designer clothes and accessories for men and women on rent with added benefits such as free home trial service and personalized styling assistance, in order to offer best experience to its customers.
  • Major players operating in the global online clothing rental market include GlamCorner Pty Ltd., Rent the Runway, Inc., Lending Luxury, Flyrobe, Gwynnie Bee Inc., Bag Borrow or Steal Inc., The Secret Wardrobe Limited, Le Tote, Union Station, Inc., and Her Wardrobe

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